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Retrieved March 11, 2026

Continued strong cash delivery, and balanced capital allocation On track to deliver operating cash flow conversion 10 in excess of 95% in FY26 We expect to be within our 2.0-2.5x adjusted net debt/adjusted EBITDA target range 4 by year-end, while maintaining a progressive dividend and sustainable share buy-backs, with 1.3bn in 2026 Technical guidance for FY26: Global cigarette industry volume expected to be down c.2.5% (previously c.2%) Lower end of our medium-term guidance ranges: 3-5% revenue growth, mid-teens (previously low double-digit) New Category revenue growth 4-6% adjusted profit from operations 3 growth H2 weighted Expected c.1% transactional FX 11 headwind 5-8% adjusted diluted EPS 3 growth Translational FX 11 headwind of 2-3% on half-year and full-year adjusted diluted EPS growth Net finance costs 3 of c.1.75bn, (previously 1.8bn) subject to interest rate volatility Operating cash flow conversion 10 in excess of 95%, gross capital expenditure of c.750m Leverage 4 within our 2.0-2.5x adjusted net debt/adjusted EBITDA target corridor by year end Webcast and Conference call The conference call will begin at 8.30am ( BST) You can access the audio webcast via our website